Market Trends of Global Medical Billing Outsourcing Industry
This section covers the major market trends shaping the Medical Billing Outsourcing Market according to our research experts:
Hospital Outsourced Medical Billing is Expected to Grow at a Good Rate Over the Forecast Period
A hospital also referred to as a medical center, is a health care institution providing patient treatment with specialized treatment procedures. Hospitals are expected to hold a significant share of the medical billing outsourcing market, as most patients prefer hospitals for disease diagnosis and treatment. Increasing patient visits and the benefits of EHR systems in storing and managing patient health records and the aid in billing is likely to favor the segmental growth over the upcoming period. The ease of handling emergencies during critical care or post-treatment complications can be better manageable in hospitals. Thus most of the disease's treatment and surgeries are being performed in hospitals. Billing systems used in hospital settings are designed to store data accurately and capture a patient's state across time. As per the American Hospital Association 2020, the number of surgeries performed in registered hospitals in the United States was around 8 million for 500 beds. As per the data published by the Centers for Diseases Control and Prevention, there were around 130 million emergency department visits recorded in the United States in 2018. Also, as per the data published by EuroStat in 2020, Europe had a high rate of cesarean section births for which hospital admission is mandatory. These statistics show the rising need to maintain the medical records of patient-generated in hospitals which will boost the adoption of outsourced medical billing in hospital settings.
Hence, the adoption of outsourced medical billing in hospitals is expected to record a substantial growth over the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
The robust growth of healthcare infrastructure in North America and the increase in hospital admissions lead to the rising demand for software solutions, along with greater government initiatives towards digital health record maintenance is expected to boost the market growth. The emergence of novel technologies and their adoption is helping the United States to expand in the healthcare sector. The rising healthcare cost is the prime factor responsible for the growth of this sector.
In the United States, the healthcare industry is one of the most data-intensive sectors. The industry is deeply invested in applying innovative solutions to enhance the development of advanced healthcare and to support improvements in patient care. Moreover, the United States federal government and other public stakeholders are opening their vast stores of healthcare knowledge, including data and information on patients covered under public insurance programs. Thus, the demand for improvement of healthcare will boost up the overall market in March 2018. The Trump Administration announced the MyHealthEData Initiative, which aims to empower patients by ensuring that they control their healthcare data and can decide how their data is going to be used, all while keeping that information safe and secure. This will also allow an overhaul to Centers for Medicare & Medicaid Services (CMS's) Electronic Health Record Incentive Programs leading to more hospitals and care facilities digitizing their facilities, creating a demand for outsourced medical billing from these organizations.
